Huobi bought Latin American crypto exchange Bitex

The company intends to expand its influence in the region, while the local platform will retain the brand and continue to operate independently

26.05.2022 - 15:00

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2 min

What’s new? One of the world's largest cryptocurrency exchanges by trading volume, Huobi Global, bought Latin American trading platform Bitex to expand its influence in the region. Huobi said it plans to integrate Bitex transactions with its platform. This will allow customers in the region to trade all digital assets available on Huobi. The company also noted that it intends to add local fiat currencies to the platform. At the same time, the Latin American cryptocurrency exchange will retain its brand and continue to operate independently. The terms of the deal were not disclosed. This is according to the press release by Huobi.

Huobi's press release

What preceded it? Huobi Group began its business in Latin America by launching Huobi Argentina in 2019. This was facilitated by the growing demand for cryptocurrency-related products and services. In 2020, Huobi Argentina made it possible to trade the Argentine peso in pairs with BTC and Tether stablecoin (USDT).

What is known about Huobi? It is a leading digital asset trading platform founded in 2013 in Beijing. Huobi is currently based in Singapore. The exchange has its own token called Huobi Token (HT), which is used for fee discounts as well as additional rewards and features. The daily trading volume is $2 billion (according to CoinMarketCap).

What is known about Bitex? It is the first crypto exchange founded in Latin America in 2014. It has offices in Argentina, Chile, Paraguay, and Uruguay. There are 15 cryptocurrencies available for trading on the platform, including BTC, USDT, ETH, BCH, and DOGE.

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